Tag: George Osborne

A plea from the Executive Director of Greenpeace UK

Attention all UK-based Learning from Dogs readers: I received this email today and felt compelled to publish it on my blog – and now here as well (thanks Paul).

For the benefit of new readers (thank you – and welcome – to you all), when you read the email appended below, please bear in mind that I am (or at least have been) a supporter of the Conservative Party.  However, I am very upset by the way in which the Coalition government’s position regarding the Climate Change Act (and our commitments to invest in renewable power generation technologies of all kinds) is being undermined by climate change sceptics who have been encouraging people like John Hayes (Energy Minister) and George Osborne (Chancellor) to question the sense of investing in the Green Economy.

It is also worth pointing out that I do not agree with Greenpeace’s attitude to GMOs or Nuclear Power but, that does not prevent me from supporting them in their attempts to publicise the failure of our politicians to take a strategic long-term decision (to lessen our dependence on fossil fuels) and stick to it.  I therefore hope you will consider adding your name to the online petition to the Prime Minister to get him to face-down the sceptics in his own party; and stick to his election manifesto pledge to lead “the greenest ever government”.

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Hi Martin,

I don’t normally email you, but this campaign you’re part of is making headlines.

It’s been front page of the newspapers for two days now and over 35,000 of us have told David Cameron to weed out the climate saboteurs in his party.

But we need many more in our movement if we are to overcome this new anti-climate ‘Tea Party’ trend infecting UK politics.

Please forward the email below to one person you know who will join us. If we all do that, we’ll be 70,000 strong by tomorrow.

Right now we have the opportunity to define our future. If the government does the right thing, we could be getting our energy from renewable sources which would create new jobs, stabilise our bills and help protect the rapidly melting Arctic.

But all that is in danger now as highlighted by our undercover investigation.

If we want a green and a peaceful world the most important thing we can do is source our energy in a way that doesn’t harm the environment. Our only choice is clean energy – let’s demand it from the government.

Please forward the email below to at least one person who will join us.

We’re only getting started,

John Sauven
Executive Director
Greenpeace UK

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Hi there,

Over 20,000 people have already told David Cameron to stop Osborne sabotaging progress on climate change.

If these Conservatives have their way, we’ll have more dirty, expensive gas power stations written into the Energy Bill. The bill is crucial in shaping the way our electricity is generated for the next 30 years.

Osborne wants to hand the Energy Bill – and our future – to the gas companies, allowing them to build dozens of new gas power stations. This dash for gas could lead to decades of unrestricted carbon emissions and increasingly volatile household bills, plunging more people into fuel poverty.

We need the opposite, so join the campaign for a future built on clean energy.

A clean Energy Bill would mean almost zero carbon emissions from electricity generation by 2030, a new wave of clean energy and a thriving green economy with tens of thousands of new jobs.

A majority of us – 64% of the British public – want renewable energy powering our lives.

Osborne knows he’s in the minority, and recent investigations shows he’s positioning climate sceptics and anti-wind MPs in key government roles – like pieces on a chessboard – to undermine the progress we’ve made.

But Osborne still answers to the prime minister.

It now falls to David Cameron to respond to the scandal we’ve uncovered and decide where his party – and our country – is going.

At the last election when looking for our votes, Cameron rebranded the Conservative party with the environment at its heart. Our undercover investigation shows he has a fundamental question to answer: will he side with the majority of the British public, or the dirty energy faction led by George Osborne?

Tell David Cameron to listen to the country on clean energy, and please watch the undercover report and share.

Thanks,

Pete and the Energy Team
Greenpeace

Too hot to handle!

A stark reminder that more of the same will hurt us.

On the 14th August I published a post with the title of From feeling to doing.  The post was a 15-minute video presented by David Roberts of Grist showing, in essence, how fundamentally simple was the issue of climate change and how profound the implications if we didn’t halt the rise in the temperature of Planet Earth.

I’m not going to insert that video in this post because you can click on the link above and do that yourself.  What I will do is to draw your attention to the accompanying article on Grist under the title of Climate change is simple: We do something or we’re screwed. That article includes the slides that were in the video, such as this one:

So with that in mind, here’s what the BBC published on their news website yesterday morning,

Science advisor warns climate target ‘out the window’

Pallab GhoshBy Pallab Ghosh, Science correspondent, BBC News

One of the Government’s most senior scientific advisors has said that efforts to stop a sharp rise in global temperatures were now unrealistic.

Professor Sir Robert Watson said that the hope of restricting the average temperature rise to 2C was “out the window”.

He said that the rise could be as high as 5C – with dire conseqences.

Professor Watson added the Chancellor, George Osborne, should back efforts to cut the UK’s CO2 emissions.

He said: “I have to look back (on the outcome of sucessive climate change summits) Copenhagen, Cancun and Durban and say that I can’t be overly optimistic.

“To be quite candid the idea of a 2C target is largely out of the window.”

As the BBC points out Professor Watson is a highly respected and world renown scientist on climate change policy and is currently Chief Scientist at the Department for Food and Rural Affairs (DEFRA) and a former Chair of the Intergovernmental Panel on Climate Change.  Professor Watson was also with the World Bank and an advisor to former Vice President Al Gore.  The BBC item goes on,

Professor Watson, who is due to step down from his role at Defra next month, suggested that the Chancellor, George Osborne, reconsider his opposition to tough measures to reduce carbon dioxide emissions.

Mr Osborne has said that the UK’s ambitious targets for CO2 should be relaxed so as not to drive businesses to countries which have set themselves much lower targets.

“I would say to George Osborne, ‘work with the public sector. Work with the public on behavior change. Let’s demonstrate to the rest of the world that we can make significant progress here” Professor Watson argues that the UK and Germany should continue to take the lead in driving efforts to reach an effective international treaty.

Hurt Poorest

“If we carry on the way we are there is a 50-50 chance that we will get to a 3 degree rise,” he said.

“I wouldn’t rule out a 5 degree world and that would be quite serious for the people of the world especially the poorest. We need more political will than we currently have”.

The IPCC 2007 assessment summarised the probable impact of various temperature rise sceanrios.

It shows that the impact on human health, the availability of food and water, the loss of coastlines becomes progressively worse as the average temperature of the planet rises.

The 2C target was agreed at the United Nations Framework Convention on Climate Change meeting in 2010.

The majority of countries though prefer a lower target of 1.5C.

A number of analyses have also concluded that the 2C would be missed. The most recent was by the International Energy Agency earlier this year.

Professor Watson added that deep cuts in CO2 emissions are possible using innovative technologies without harming economic recovery.

“This doesn’t take a revolution in energy technology, an evolution would get us there.”

What I would add to this report that has been widely circulated is that while it’s natural to assume, ‘We need more political will than we currently have‘, that political will flows from the will of the people.

Take the effect of a 4C rise, as David Roberts explains,

Which is described in the Grist article as,

Here’s the edition of the Royal Society journal that came out of the conference on 4 degrees C of warming. Read through it and see if you think “hell on earth” is an exaggeration. Desertification, water shortages, agricultural disruptions, rising sea levels, vanishing coral, tropical forest die-offs, mass species extinctions, oh my. Kevin Anderson, one of the lead scientists involved, was moved to say that “a 4 degrees C future is incompatible with an organized global community, is likely to be beyond ‘adaptation’, is devastating to the majority of ecosystems, and has a high probability of not being stable.”

So come on people, get real!  Make sure that the democratic systems work and that our leaders know the sort of change that has to take place.  As the wise Professor highlighted, ‘… deep cuts in CO2 emissions are possible using innovative technologies without harming economic recovery.’  Sort of makes sense to me.  How about you?

The Greatest Crash – footnote

The story that could run for an awfully long time!

I rather revealed my newness as a US resident by posting my review of David Kauders’ book The Greatest Crash over 2 days last week,  one of them being Thanksgiving Day.  Despite that 1,895 people viewed my review which was entitled The end of an era.

A week has now passed since that review.  I was curious to see what sorts of headlines had been making the news in the last 7 days.  It’s just a random trawl through those items that have captured my attention.

Let’s start with the Financial Times, November 27th,

The eurozone really has only days to avoid collapse

By Wolfgang Münchau

In virtually all the debates about the eurozone I have been engaged in, someone usually makes the point that it is only when things get bad enough, the politicians finally act – eurobond, debt monetisation, quantitative easing, whatever. I am not so sure. The argument ignores the problem of acute collective action.

Last week, the crisis reached a new qualitative stage. With the spectacular flop of the German bond auction and the alarming rise in short-term rates in Spain and Italy, the government bond market across the eurozone has ceased to function.

Wolfgang concludes his article thus,

Italy’s disastrous bond auction on Friday tells us time is running out. The eurozone has 10 days at most.

Then my print copy of The Economist that arrived on the 26th had this lurid cover page,

Unless Germany and the ECB move quickly, the single currency’s collapse is looming

The leader article contains this paragraph,

Past financial crises show that this downward spiral can be arrested only by bold policies to regain market confidence. But Europe’s policymakers seem unable or unwilling to be bold enough. The much-ballyhooed leveraging of the euro-zone rescue fund agreed on in October is going nowhere. Euro-zone leaders have become adept at talking up grand long-term plans to safeguard their currency—more intrusive fiscal supervision, new treaties to advance political integration. But they offer almost no ideas for containing today’s conflagration.

and a few paragraphs later, this,

This cannot go on for much longer. Without a dramatic change of heart by the ECB and by European leaders, the single currency could break up within weeks. Any number of events, from the failure of a big bank to the collapse of a government to more dud bond auctions, could cause its demise. In the last week of January, Italy must refinance more than €30 billion ($40 billion) of bonds. If the markets balk, and the ECB refuses to blink, the world’s third-biggest sovereign borrower could be pushed into default.

Then on Sunday, 27th, MISH’s Trend Analysis blogsite reveals,

ICAP Plc, the world’s largest inter-dealer broker (one that carries out transactions for financial institutions rather than private individuals), is now Testing Trades In Greek Drachma Against Dollar, Euro

ICAP Plc is preparing its electronic trading platforms for Greece’s potential exit from the euro and a return to the drachma, senior executives at the inter-dealer broker said Sunday.

ICAP is the latest firm to disclose such preparations, joining the growing ranks of banks, governments and other key players in the global financial system whose officials are worried enough about the stability of the common currency to be making contingency plans for a possible break-up.

Then Bloomberg published an article by Peter Boone and Simon Johnson, the latter of Baseline Scenario fame, that opened as follows,

Investors sent Europe’s politicians a painful message last week whenGermany had a seriously disappointing government bond auction. It was unable to sell more than a third of the benchmark 10-year bonds it had sought to auction off on Nov. 23, and interest rates on 30-year German debt rose from 2.61 percent to 2.83 percent. The message? Germany is no longer a safe haven.

and concluded,

Ultimately, an integrated currency area may remain in Europe, albeit with fewer countries and more fiscal centralization. The Germans will force the weaker countries out of the euro area or, more likely, Germany and some others will leave the euro to form their own currency. The euro zone could be expanded again later, but only after much deeper political, economic and fiscal integration.

Tragedy awaits. European politicians are likely to stall until markets force a chaotic end upon them. Let’s hope they are planning quietly to keep disorder from turning into chaos.

Finally, on the 29th the BBC News website carried details of the Autumn Statement made by British Chancellor, George Osborne, to Parliament.

Osborne confirms pay and jobs pain as growth slows

Chancellor George Osborne has said public sector pay rises will be capped at 1% for two years, as he lowered growth forecasts for the UK economy.

The number of public sector jobs set to be lost by 2017 has also been revised up from 400,000 to 710,000.

Borrowing and unemployment are set to be higher than forecast and spending cuts to carry on to 2017, he admitted.

Just look at that figure of public sector job losses – 710,000!

Well that’s more than enough from me but it does surely endorse the opening views that David Kauders expounded in his book, as carried in my review, and reproduced here,

Starting with the first sentence, David sets out the core problem;

This book argues that it is impossible to expand the financial system much further.

expanding this a few paragraphs later,

This is the financial system limit: lack of new borrowing plus excessive weight of debt obligations from past borrowing combine to slow economies down. This is the barrier whichever way policy makers turn. It is like the lid on a boiling kettle. Enough steam can lift it for a while but it always snaps back into place. The financial system limit is a roadblock preventing growth.

A few pages later in this opening chapter ‘The roadblock preventing growth‘ this limit is explained thus,

Policy contradictions also show us that the financial system has reached a roadblock. The glaring conflict between bailout and austerity is at the core. Each bailout or stimulus requires creation of more credit, leading to false financial speculation, and for a short while markets recover their poise. The threat of inflation returns. Later, bad debts rise, the markets tumble again and a new crisis emerges. Austerity, the alternative policy, cuts spending thereby cutting the immediate level of economic activity and bringing economic decline more quickly than the stimulus alternative. Whichever way they turn, the authorities are damned.

You can understand why I called this Post a ‘footnote’ not an endnote.